More from the Big Picture

Joe Light has an article in the WSJonline today titled “Is the Real Estate Rebound for Real?” Happily his findings are yes, at least according to Warren Buffet and a host of portfolio managers who are bullish for r/e related holdings. The article cites a key indicator in our trade where we look at the inventory of new, single-family homes. Six months is a tipping point — meaning — if the number of available homes could be sold in less than six months, that tells us we’re in a strong market (the opposite being true if it would take more than six months to sell those homes). So the skies in the big housing picture continue to brighten and local inventory remains low. Some of you sellers out there might be waiting to see a bit more “upside” before bringing your property to market. However I will caution that if interest rates rise (as they did this past week, slightly) then the time to sell your house is now, in this market where sellers are rare and buyers plentiful.

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Photo of the Kentfield Hillside Residence courtesy of Turnbull Griffin Haesloop Architects and Arch Daily

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San Marino Spanish has Hidden Value

 List Price $1,369,000

3BDs/3BA in 2,422sq. ft./lot size 8,280 sq. ft.

It’s a funny thing about San Marino. For some of my clients this quiet, leafy neighbor to Pasadena and South Pas is the only place they want to live. Yet for others, the little city that hosts the Huntington Library & Gardens is entirely off their radar. So consider this character-filled, 1930 two-level Spanish home. At $1.3 million, it’s not in everyone’s price range. But add top-notch public schools through 12th Grade to the equation and I’d say that anyone who has kids or is planning on having them should consider what this house — and San Marino — have to offer.

There are original details, modern updates, and high-end appliances in a remodeled kitchen. Great outdoor spaces, too. But let’s get back to the schools. San Marino Unified is a small district with just two elementary, one middle, and one high school, all ranked among the very best in the state. They get major support from the community, have tons of parental involvement and — yep. Amazing test scores. So think of it this way…

PRIVATE SCHOOL: $18K/year (average) x 13 years (K-12) = $234,000

SAN MARINO UNIFIED: $0/year x 13 years = $0

And that’s just for one child. Say you have two kids — or more. My advice is, call me. It will be my pleasure to give you a first-hand tour of Pasadena’s beautiful and sophisticated neighbor, San Marino.

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Listing courtesy of Janice Lee, Prudential California Realty

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Light Filled Spanish in Los Feliz

 List Price $1,200,000

4BDs/2BA in 2,275sq. ft./lot size 4,902 sq. ft.

Here’s a winner, I love the look and the price seems right. The enduring popularity of Spanish architecture will certainly help move this home quickly, especially given that it has modern updates along with original period details — and a great Franklin Hills location.

Two levels, two fireplaces, a deck, redone kitchen with Viking appliances, detached garage, sweeping views… you sold yet? I am. Give me a shout and we’ll go take a look.

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Listing courtesy of Carol Stewart, Sotheby’s Int’l Realty Los Feliz

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It’s Getting Better All the Time

Home prices in the nation’s 20 biggest cities improved again in May, strongly in fact, according to the Case-Shiller index and reported here by Alejandro Lazo of the LA Times. The graphic above is a current snapshot of the median price paid in California by county — also an improvement from numbers we’ve seen in previous months.

An uptick over two consecutive months (April, May) is certainly good news. The flipside — i.e. the problem I’m seeing — is our continuing lack of local inventory. Buyers I’m working with are eager to find their house, understandable because they don’t want prices to keep going up. Yet they find themselves in a growing pool, with increased competition for the best homes, many of which are selling in multiple-offer bidding wars.

Sellers: I cannot overstate how good a time this is to get your house on the market!

If you have even considering selling, or would like to simply “test the waters,” get in touch with me here. I have a long, proven track record selling houses, and several instances where I set neighborhood records for price-earned-per-sq.-foot. I will give you a carefully considered, complimentary valuation on your property. If the numbers make sense, you can make an educated decision about what to do next. Believe me, the buyers are out there.

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Graphic courtesy of the California Association of Realtors.

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You Should Know: Overhang

I read an interesting article in the Wall Street Journal today about the challenges that policy makers face as they spool through the remnants of the housing crisis. Should certain homeowners be granted amnesty on a portion of their mortgage? It’s a tough call for sure, and as journalist Nick Timiraos points out, economists are divided. Granted, our local market was not nearly as distressed as other parts of the country. But this still impacts us because whatever the outcome on the issue of “overhang,” there may well be changes in the way that banks write mortgages in the future.

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Aerial photo of Bonita Springs, FL, courtesy of Boston.com and Google Earth.

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Modern Architecture at Minimal Cost

I had the pleasure of spending part of yesterday with Jerome Pelayo of Sunia Homes. He showed me around the Echo Park house he shares with his wife, which he designed and then built in just five months at a cost of approx. $150 per sq. foot. You read correctly. Best part is, he can do it for you, too.

Pelayo designs homes that are minimalist in style, big on usable space, and fully engaged in the ideals of eco-friendliness and sustainability. I could tell that the build quality was excellent, so you sacrifice nothing to live in one these amazing homes that are inexpensive to put up and cheaper to live in than most houses of comparable size. We’re talking solar photovoltaics, greywater systems, wood-pellet stoves for heating — and Sunia Homes just look so cool.

Maybe you’ve been searching for awhile and are frustrated by what’s for sale out there. Or have always wanted to build a place from the ground up but are intimidated by the process, the very idea of taking on such a task. Well you needn’t be.

Contact me about locating a piece of vacant land or suitable “tear-down” property. Once I find it, I’ll get in touch with Jerome so he can come look at the place, and assess which of his Sunia Homes will fit. Modern design, minimal cost, and friendly to the planet. What’s not to like about that?

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Photos and Plans courtesy of Sunia Homes.

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Mediterranean in Silver Lake

List Price $795,000

2BDs/1BA in 1,317sq. ft./lot size 6,818 sq. ft.

Saw this very cool house in SL today. It’s a smaller home, and like many of this vintage has only one bathroom. But there’s a bonus space downstairs which could serve as an office, guest room — or could be converted for other means.

This house is all about character and soul, there’s tons of it. Built in 1926, it has an updated kitchen and systems — with city-lights views from pretty much every room. Really has to be seen in person, if you’re interested you can get in touch and we’ll go check it out.

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Listing Courtesy of Mark Mintz, Keller Williams Realty

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1954 Post & Beam in Pasadena (x 2!)

Take your pick, two houses and they’re both amazing. But don’t wait too long. Mid Century Modern homes have been flying off the market, and I’m guessing this pair won’t last.

List Price $1,495,000

3BDs/3BAs in 2,799 sq. ft./lot size 16,438 sq. ft.

Designed by noted architects Neptune & Thomas, this jewel in the Linda Vista neighborhood has had just two owners. I can guarantee you a third will be along soon.

It has original details throughout, a pool and expansive views. The 4th of July fireworks at the Rose Bowl are practically right in your living room. Count me in.

List Price $2,396,000

4BDs/3.5BAs in 3,125 sq. ft./lot size 12,220 sq. ft.

Madison Heights is one of my favorite neighborhoods, a great SW Pas location with magnificent homes on flat, walkable streets that are close to things. This one’s a few short blocks from South Lake Ave.

The Nyberg & Bissner designed home has been totally redone by Ned Engs of E4 Architects. No expense spared, and you can see the results.

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1st Listing Courtesy of John Fairbanks, Coldwell Banker

2nd Listing Courtesy of Catherine Cheney, Coldwell Banker

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You Should Know: Appraisal

Appraisal, aka the “valuation” of a property, is a critical part of any home purchase or sale that involves a mortgage loan. It can feel arbitrary at times, this magical number that materializes from either A) careful analysis and numbers crunching, or perhaps B) which way the wind was blowing that day. But there are things you can and should do to take control of the process, as this recent segment from the Today Show points out (clip is about halfway down).

Note that in her interview with Savannah Guthrie, financial analyst Vera Gibbons says that a good realtor can be helpful in navigating this make-or-break step in the transaction. Couldn’t agree more. I deal with appraisals every day, I’m a trained, experienced negotiator and job #1 is to look out for the best interest of my clients. If you have any questions about appraisals or any other part of the home buying or selling process, post them below. Or get in touch directly. I’m happy to help in any way I can.

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Clip courtesy of NBC-Universal Television.

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So… Why the Hot Market?

Lately I’ve been talking about the high level of activity in the local housing market, and a pair of recent articles in the LA Times help explain at least some of what’s driving it. Check out this reporting by Alejandro Lazo about how the drop in foreclosures is boosting prices. And E. Scott Reckard tells us that there’s a new record low in the mortgage lending rate, per Freddie Mac. This is valuable info for anyone who’s shopping for a home — or thinking of selling.

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Photo Courtesy of ConstruKsa

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